Core Viewpoint - E Fund is accelerating its internationalization strategy by planning to establish an overseas subsidiary in Macau, which has already been filed with the China Securities Regulatory Commission (CSRC) and will soon apply to the Monetary Authority of Macao for approval [1][2] Group 1: International Expansion - E Fund's move to Macau is part of a broader trend among public funds in China, with several institutions like Guangfa Fund and Zhuque Fund also applying to set up overseas subsidiaries [1][2] - The trend of public funds "going abroad" has historical roots dating back to 2008, when Southern Eastern Asset Management was established in Hong Kong, marking the beginning of overseas exploration for public funds [2] - Currently, there are approximately 20 overseas subsidiaries established by domestic public funds, with E Fund being one of the earliest to set up its first overseas subsidiary in Hong Kong in 2008 [2] Group 2: Domestic and Cross-Border Developments - In addition to its overseas plans, E Fund has been active in domestic and cross-border business, establishing a wholly-owned subsidiary in Guangzhou focused on securities investment fund sales and investment advisory services [3] - E Fund has a strong presence in the investment advisory sector, with a professional team of over 100 people and has served more than 120,000 individual clients and over 100 institutional clients by the end of 2024 [3] Group 3: Cross-Border Business and Product Offerings - E Fund's Hong Kong subsidiary has developed a mature layout, holding licenses for securities consulting and asset management, providing a range of services including fixed income, equity, index, and alternative investments [5] - The company is expanding its international market presence through cross-border ETF collaborations, with products launched in Brazil and Singapore linked to E Fund's ETFs [5] Group 4: Policy Support and Industry Challenges - The acceleration of public funds "going abroad" is supported by clear policies from the CSRC, which encourages qualified fund companies to establish overseas subsidiaries to enhance their service capabilities for global investors [6] - The trend is driven by both the recovery of the Chinese economy attracting international investment and the increasing demand for diversified international investments among domestic residents [9] - Challenges faced by Chinese institutions include brand influence, cultural differences, and the need for enhanced international professional capabilities, with historical examples of failures due to these issues [9]

Core Insights - The public fund industry in China has entered its 17th year of "going global," with the recent approval of a new overseas subsidiary by Xingzheng Global Fund, which has a scale of 650 billion yuan [1] - The industry is focusing on enhancing its capabilities to serve both domestic and international investors, aiming to become a first-class investment institution globally [1] Industry Development - The early stage of the public fund industry primarily focused on "bringing in" foreign investments, but has now shifted towards "going out" to expand overseas operations [1][2] - The first overseas subsidiary was established by Southern Fund in Hong Kong in January 2008, marking the beginning of domestic asset management institutions venturing into international markets [1][2] Regulatory Framework - The regulatory environment for public funds "going global" has been continuously improved, with key policies introduced in 2008, 2018, and 2022 to facilitate overseas operations [3] - As of now, over 20 public fund companies, including Southern Fund and E Fund, have established more than 30 overseas subsidiaries [3] Recent Developments - Xingzheng Global Fund's application to set up a subsidiary in Singapore was recently approved, indicating a continued trend of public funds expanding their international presence [4] - The public fund industry is seen as a crucial participant in promoting high-level financial openness and facilitating the two-way opening of capital markets [4] Product Diversification - The "going global" strategy is becoming essential for public funds, with many institutions forming differentiated strategies, including establishing overseas subsidiaries and expanding QDII (Qualified Domestic Institutional Investor) products [6] - As of June 2025, the total approved QDII quota reached approximately 170.87 billion USD, with 54 public funds having obtained QDII qualifications [6][7] Market Trends - The scale of QDII funds has been steadily increasing, with a total market size of 644.02 billion yuan as of May 2025, reflecting a year-on-year growth rate of 5.35% [7] - The development of QDII products is providing Chinese investors with more diversified investment options and is contributing to the internationalization of China's capital markets [7][8] Future Outlook - Companies are focusing on developing high-quality, low-threshold, and recognizable cross-border products to enhance their global market presence [9] - Xingzheng Global Fund plans to gradually expand its overseas business, including research, investment, and client development in international markets [4][9]

Core Viewpoint - Xingsheng Global Fund has received approval to establish a subsidiary in Singapore, marking a significant step in the ongoing trend of Chinese public funds expanding overseas [1][2]. Group 1: Company Establishment - The China Securities Regulatory Commission (CSRC) approved Xingsheng Global Fund's application to set up Xingsheng Global Asset Management (Singapore) Co., Ltd. with a registered capital of 10 million Singapore dollars [2]. - The registration of the Singapore subsidiary must be completed within 12 months from the date of approval [1][2]. - The subsidiary will gradually develop its overseas business capabilities in research, investment, and client expansion [1][3]. Group 2: Regulatory Compliance - Xingsheng Global Fund is required to establish a comprehensive foreign exchange asset-liability risk management system and comply with relevant foreign exchange regulations [2]. - The subsidiary is restricted from engaging in non-financial activities and must not conduct lending or similar businesses [2]. Group 3: Industry Context - Since 2008, over 20 Chinese public fund companies have established overseas subsidiaries, with significant presence in Hong Kong, the United States, and Singapore [5]. - Other companies, such as Huatai-PineBridge and Southern Fund, have also received approvals for their Singapore subsidiaries, indicating a broader trend of international expansion among Chinese fund managers [5][6]. - The establishment of overseas subsidiaries is seen as a strategic move to enhance international competitiveness and facilitate capital market connectivity [6].

Group 1 - The core viewpoint of the article is that Xingsheng Global Fund has received approval to establish a subsidiary in Singapore, marking a significant step in the company's overseas expansion strategy [2][4][5] - The registered capital for the new subsidiary, Xingsheng Global Asset Management (Singapore) Co., Ltd., is set at 10 million Singapore dollars, and the company must complete its registration within 12 months from the approval date [5][6] - The subsidiary will gradually develop its overseas business capabilities, focusing on market research, investment, and client expansion in international markets [6][8] Group 2 - Since the initiation of overseas expansion by domestic public fund companies in 2008, over 20 firms have established subsidiaries abroad, with notable locations including Hong Kong, the United States, and Singapore [8][10] - Other fund companies, such as Huatai PineBridge and Southern Fund, have also received approvals for their Singapore subsidiaries, indicating a trend of increasing international presence among Chinese fund managers [8][9] - The establishment of overseas subsidiaries is seen as a way to enhance the international competitiveness of Chinese financial institutions and facilitate capital market connectivity [10]

Core Viewpoint - The article highlights the operational performance of three leading public funds in China: E Fund, GF Fund, and Southern Fund, emphasizing their strategic focus on overseas business expansion as a key driver for growth in net profits and assets under management [1][2][10]. Group 1: Financial Performance - E Fund reported a revenue of 12.11 billion yuan in 2024, a decrease of 3.13% from 2023, with a net profit of 3.9 billion yuan, an increase of 15.33% year-on-year [4]. - GF Fund achieved a net profit of approximately 1.99 billion yuan, with total assets of about 18.45 billion yuan and net assets of around 12.02 billion yuan [4][5]. - Southern Fund's net profit reached 2.35 billion yuan, with total managed assets of 24.70 billion yuan, including 13.19 billion yuan in public fund assets [6]. Group 2: Strategic Focus on Overseas Expansion - The three funds are increasingly focusing on overseas markets to drive their second growth curve, with E Fund and Southern Fund actively pursuing international clients and investments [2][7][9]. - Southern Fund's significant investments in companies like Meitu and Pop Mart, which have shown substantial growth in overseas markets, reflect this strategy [8]. - E Fund's collaboration with Itaú Asset Management in Brazil aims to attract more institutional clients from the region, showcasing its commitment to internationalization [12]. Group 3: Market Trends and Future Outlook - The article notes that the trend of public funds expanding overseas is becoming a critical measure of their strength and growth potential, aligning with China's broader capital market opening [11]. - The regulatory environment is supportive of this trend, with initiatives aimed at enhancing cross-border investment opportunities [11]. - The focus on overseas markets is seen as a response to the need for public funds to avoid excessive competition domestically and to tap into new growth opportunities [13].